The Impact of the Financial Crisis on Innovation and Growth: Evidence from Technology Research and Development

Emanuel Alfranseder () and Valeriia Dzhamalova ()
Additional contact information
Emanuel Alfranseder: Knut Wicksell Centre for Financial Studies, Lund University, https://sites.google.com/site/emanuelalfranseder/home
Valeriia Dzhamalova: Knut Wicksell Centre for Financial Studies, Lund University, https://sites.google.com/site/valeriiadzhamalova/home

No 2014/8, Knut Wicksell Working Paper Series from Lund University, Knut Wicksell Centre for Financial Studies

Abstract: An increasing body of literature discusses how and to which extent the financial crisis of 2007-2009 transmits to the real economy. This paper investigates the impact of the financial crisis of 2007-2009 on corporate investment, in particular research and development (R&D) expenditures. We measure financial constraints and financial distress of firms and investigate whether those measures have a significant impact on R&D during the financial crisis. We find evidence that financial distress has little impact for our sample of listed technology firms and we argue that the credit supply shock does not play a decisive role as financially constrained firms invest comparatively more than non-constrained firms during the crisis.

Keywords: Financial Constraints; Financial Distress; Financial Crisis; R&D; Investment (search for similar items in EconPapers)
JEL-codes: G31 G32 G33 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2014-12-18
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.lusem.lu.se/media/kwc/working-papers/2014/kwc-wp-2014-8.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.lusem.lu.se/media/kwc/working-papers/2014/kwc-wp-2014-8.pdf [301 Moved permanently]--> https://www.lusem.lu.se/media/kwc/working-papers/2014/kwc-wp-2014-8.pdf)
http://www.lusem.lu.se/media/kwc/working-papers/20 ... _appendix_2014_8.pdf Internet Appendix (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.lusem.lu.se/media/kwc/working-papers/2014/internet_appendix_2014_8.pdf [301 Moved permanently]--> https://www.lusem.lu.se/media/kwc/working-papers/2014/internet_appendix_2014_8.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hhs:luwick:2014_008

Access Statistics for this paper

More papers in Knut Wicksell Working Paper Series from Lund University, Knut Wicksell Centre for Financial Studies Knut Wicksell Centre for Financial Studies, Lund University School of Economics and Management, P.O. Box 7082, S-220 07 Lund, Sweden. Contact information at EDIRC.
Bibliographic data for series maintained by Jens Forssbaeck () and Frederik Lundtofte ( this e-mail address is bad, please contact ).